How cheap will a low-cost iPhone be? Maybe $99 to $149

How low is Apple willing to go to increase its worldwide sales of iPhones? Anywhere between $99 to $149, according to a Wednesday report in Bloomberg.

Though it had died down after causing a stir in early 2011, the “Apple is making a cheaper iPhone” story line is back again. The Wall Street Journal got two sources on Tuesday to say Apple is seriously considering making a lower-cost version of its best-selling iPhone. Apple is reportedly weighing the use of cheaper plastics and older internal components to make a device that looks like an iPhone but is cheaper to produce.

Bloomberg adds a little more detail to this juicy rumor. Besides the price range, which is specifically intended to appeal to developing nations — where iPhones are often considered too expensive — the report claims that Apple has discussed this plan with a “top U.S. wireless carrier.”

But the company is facing a long, uphill battle: cheaper Android devices dominate in China. Combining a lower price with Apple’s established brand name could be a shortcut that helps Apple make faster gains in these regions.